Published: Friday January 18, 2013 MYT 11:45:00 AM
Updated: Friday January 18, 2013 MYT 1:07:29 PM
KrisAssets share price slides after caution about winding up
By Joseph Chin
KUALA LUMPUR: Shares of KrisAssets Bhd fell sharply on Friday, sliding to a low of 10 sen after the company reminded investors it would not maintain the listing status.
The share price rallied on Wednesday after its cash distribution of RM2.60 for each share went ex. From its reference price of six sen, the share price had surged to a high of 30 sen on Wednesday.
However, at 11.30am on Friday, it was down 6.5 sen to 11 sen. It was the most active with 44.94 million shares done.
The FBM KLCI was down 1.86 points to 1,679.23. Turnover was 446.69 million shares valued at RM456.19mil. There were 216 gainers, 254 losers and 292 counters unchanged.
KrisAssets had reminded investors in its circular to shareholders dated June 5, 2012 where the board stated it did not intend to maintain the listing status.
"KrisAssets will be voluntarily wound-up upon completion of the proposed distribution, and accordingly be de-listed by Bursa Securities," it said, adding the shareholders of KrisAssets will then hold unlisted shares in the company.
It said following the completion of the winding-up process, the shareholders would be entitled to cash distribution resulting from the recoverability of the remaining assets (net of liabilities), if any, on a pro-rata basis.
KrisAssets said an EGM would be held by end May 2013, to seek the approval of the shareholders to wind-up KrisAssets and to appoint liquidators to facilitate the liquidation process.
"Based on the unaudited consolidated financial statement of KrisAssets as at Sept 30, 2012, the proforma net tangible assets of the company is 3.0 sen," it said, adding there would be several factors involved.